Shares of Apple (NYSE:AAPL) are lower in today’s session, which can be attributed to an analyst price cut. Samik Chatterjee of J.P. Morgan (NYSE:JPM) changed his price target to $180 per share. For reference, his previous price target was $190.
Chatterjee is concerned about iPhone demand as product cycle tailwinds begin to fade. In addition, he believes that Apple won’t have the confidence to guide for annual revenue growth.
Nevertheless, Chatterjee is still bullish on APPL stock and left his Buy rating unchanged. Overall, Wall Street analysts share this bullish sentiment with 22 Buys, five Holds, and zero Sell assigned in the past three months. Furthermore, the consensus price target of $172.98 implies 29% upside potential, as indicated by the graphic above.